Serps at Aviva

thebullsback

So how can I make the best of all these pots ?

neilvw

thebullsback wrote: »

So how can I make the best of all these pots ?

First, you need to seek the missing information xylophone highlighted in post #47, and come back here with it.

Just to add to the info on the New State Pension: you say your foundation amount is £122 a week. You have about nine years from April in which you can add £4-odd per year to that by making NI contributions, being credited with them, or buying voluntary ones. So it looks like you can get up to the full New State Pension level (£155-ish in 2016 terms).

thebullsback

First, you need to seek the missing information xylophone highlighted in post #47, and come back here with it.

Aviva 5 Feb 2013 Anniversary Certificate
Taylor Made GMP Plan UK AVC
Transfer value £616.81
Since 6 December 1991 up to valuation date we have not received any pension contributions.

After this letter I switched all the funds into a high risk fund with Aviva.Last time i asked it had gone up about £60

neilvw

In particular the points in bold need clearing up:

xylophone wrote: »

He has a S32 with the Pru which will pay him a pension at age 62 - he should check how/if the pension increases in payment.

He has a DB replacement policy with Aviva, terms currently under investigation but with a transfer value in excess of £17,000.

He has a former protected rights policy with Aviva currently valued at
around £12,000.

And he has the "tailor made GMP AVC" worth around £600 - this really is a new one on me - is it revaluing or not and if not why not?

And ask them what on earth the last plan is! AVCs and GMP normally do not mix. However, I found this:

AVCs are regarded as part of the overall benefits under the scheme and would normally be transferred in conjunction with the transfer value representing the main scheme benefits (i.e. the normal 60ths/80ths etc.)

Therefore, as the AVCs are part of the overall scheme benefits, they would have been used to support the GMP under a S32. In other words all you will get is the GMP and not the GMP plus the AVC fund.

However, it is possible that the terms and conditions of the S32 (probably called policy provisions) only used the main scheme benefits to guarantee the GMP and put the AVC fund into a separate segment or 'arrangement'.

https://forums.moneysavingexpert.com/discussion/3047646

which relates to a s32 (not quite what you have) but might provide a clue. Perhaps when Company A's DB scheme was bought out by Aviva, the AVCs were segregated in a separate pot, so that their value would not have to be used to support the GMP. Otherwise, potentially the AVC value could have been lost. So possibly "GMP AVC" is a marker to identify why this AVC pot was split out on its own. This may be competely wrong however!

Xylophone noted that it was probably to do with Company A, and indeed it seems to have started a few weeks after you left the scheme in November 1991. Interesting though that they issue anniversary certificates on your birthday on 5 February instead.

vvvvvvvvvvvvvvvv

section 32 policies from aviva and male taking full benefits before age 65.If its in the original agreement then dont they have to as in this ruling.

https://www.pensions-ombudsman.org.uk/determinations/2014/po-2269/aviva-plc/


https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-2269.pdf

xylophone

Aviva ran into problems with these policies and there seem to have been a number of cases referred to the ombudsman - see

http://www.thisismoney.co.uk/money/pensions/article-2566539/Aviva-threw-retirement-plans-disarray.html

The ombudsman has ruled in favour of the complainant stressing the terms of his particular policy and also what the IFA told him and what the complainant might reasonably have understood he'd signed up to.

That said, the conditions re GMP on these policies seem always to have been pretty generally understood.

http://www.financialadvice.net/s32_buy_out_plan/zone/1288

In fact, had the complainant remained a deferred pensioner in his TSB Scheme he may well have found that on retirement at 60, only the unrevalued GMP was paid together with the revalued excess, with a step up at 65 if necessary. This would depend on the rules of the Scheme.

In the case of the OP, whose S32 is with the Prudential, the terms of his policy allow his pension with GMP to be paid from age 62 which was (presumably) the NRD in the ceding Scheme.

The Pru would not quote for early retirement because the policy would not support the GMP - again, had the OP remained in his Scheme he might have found that any request to take benefits early might have been subject to a "GMP test"- have a look at this from the NHS Scheme http://www.nhsbsa.nhs.uk/Pensions/Documents/Pensions/GMP_Test_Factsheet.pdf

minty777

If i had a section 32 policy that states the GMP etc is paid out at 65 then i presume they would have to pay it at 65..If like the state pension age minimum age increased to 70 the would they still have to pay out at 65?

xylophone

GMP age used to align with State Pension Age, 60 for a woman, 65 for a man.

Even though SPA is in the process of increasing, GMP age remains the same , 60 for a woman, 65 for a man.

This would mean that any policy benefits promised at GMP age would have to be paid.

minty777

xylophone wrote: »

GMP age used to align with State Pension Age, 60 for a woman, 65 for a man.

Even though SPA is in the process of increasing, GMP age remains the same , 60 for a woman, 65 for a man.

This would mean that any policy benefits promised at GMP age would have to be paid.

But what if i'm male and all prudentials/aviva paperwork says and always said that i can get all my benefits at 60?

thebullsback

But what if i'm male and all prudentials/aviva paperwork says and always said that i can get all my benefits at 60.

Mine from the PRU says 62